NAIROBI, Kenya, Oct, 17 – Private equity firm Fusion Capital expects construction of Greenwood City Mall in Meru to be complete by the end of this month.
The firm said that the mall is now 95 per cent complete with final touches being done on exterior and gate house.
“We are looking to open probably in about a month. So, we have got Naivas on site fully fit out. We have signed a lot of….terms and leases with key banks. We have got the likes of Lintons, Goodlife, and KFC,”
“There will be kind of a soft launch and we will start to open the doors kind of by the end of this month and then we look to a proper launch by December or January,” Fusion Capital Real Estate Executive Director said.
The construction of Meru Mall, a mixed-use urban development started in 2015, on the edge of Meru Town.
The development boasts a 160,000 square feet (sqft) mall, a 6 floor Grade-A office block, and 53 executive apartments.
Only last year, Fusion Capital raised Sh800 million for completion of the mall, which was 61 per cent complete.
The firm Chief Executive Officer then said that the above-amount was a follow-on investment of Sh463.5 million that had been initially raised.
Meru Mall was set to be completed in 2017, after shareholders opted for cash instead of funding through Development Real Estate Investment Trust (D-Reit), a collective investment platform that allows investors to pull resources for investment in large scale real-estate projects.
“So, we are still having very few spaces left. We are just above 60 per cent occupancy and we hope by December we should be hitting 70-80 per cent occupancy if not full,”
“The project is at the tail end of completion. We are currently finalizing the cabros, drainage but the project in itself is almost complete,” Fusion Estate, a sister company to Fusion Capital General Manager Kevin Sanya said, adding that they have already received an occupation certificate.
